South Dakota Codified Laws 47-10-3. Borrowing–Pledging security for borrowings
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Subject to § 47-10-2, any business development credit corporation shall have the power to borrow money on secured or unsecured notes from any bank, savings and loan association, trust company, or insurance company which is a nonstockholder member of the corporation and from other nonmember persons, firms, or corporations; and to pledge bonds, notes, and other securities as collateral therefor.
Terms Used In South Dakota Codified Laws 47-10-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Source: SL 1957, ch 314, § 2; SDC Supp 1960, § 55.6002 (1).